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Self-custody is key during extreme market conditions: Here's what experts say

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cointelegraph.com

The ongoing crisis of cryptocurrency lending and the associated crypto market decline once again confirms the importance of self-custody or the "true ownership" of crypto by its holder, according to several industry experts.In June, the cryptocurrency market capitalization plummeted below the $1 trillion mark, with Bitcoin (BTC) nearing its worst monthly losses since 2011.

It remains to be seen whether crypto lending would survive the current crypto winter. Still, several industry executives agree that investors can protect their assets forever by simply moving them to self-custodial or noncustodial wallets.It’s crucial to remember that crypto financial services providers like Celsius or Babel are centralized finance (CeFi) platforms, as opposed to decentralized finance (DeFi) applications, according to Yves Longchamp, head of research at the Swiss crypto bank Seba.“Based on this evidence, CeFi platforms need to be better regulated with a focus on risk management.

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